Forex.ee: Daily economic news digest from Forex.ee

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Thursday, April 28th

EUR/USD remains under the bullish pressure while markets still digesting the Fed and BOJ policy decisions. Currently pair trades near yesterdays sessions high progressing gains above 1.13 on the back of renewed USD selling across the board, triggered by dovish FOMC statement and BOJ hawkish policy decision. While the main events are behind traders will focus today on German prelim CPI, employment data as well as the US GDP report will be released day ahead. Now pair trades at the 1.1355 with strong bullish pressure, expanding todays gains. Support and resistance levels are located at 1.1268 and 1.1414.



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Friday, April 29th


USD/CAD remains under the bearish pressure today after weak USD GDP print and rising of the crude oil prices. Pair still expanding its multi-month lows near 1.25, for five consecutive weeks of losses. Today, traders will closely watch the Canadian GDP release for February. CAD bulls feels strong enough that even a slight positive GDP reading would make them push the pair through 1.25 handle. Now pair trades at 1.2521 with its support and resistance levels at 1.2457 and 1.2613.


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Monday, May 02nd


GBP/USD is regaining its bid tone and keeps its range-trade intact above 1.46 handle since mid-Asia. UK markets remain closed today in observance of May Day, but US will release ISM manufacturing report due later today. Now pair trades modestly flat, keeping its range near 1.46 with current level at 1.4610. Todays support and resistance levels are located at 1.4580 and 1.4637


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Tuesday, May 3rd


AUD/USD dropped down, after RBA unexpectedly slashed the benchmark interest rate to a new record low of 1.75%.The pair broke through levels of 0.77 and 0.76, losing up to 150 points. In the comments Central Bank explained that currently the economy continues to rebalance after the investment boom in the mining industry and policy easing at this stage will improve the outlook for the economy. Also worth noting that recently the Australian inflation figures were unexpectedly low. Such measures made aussie to lose ground, forcing him to move away from weekly highs, finding support near 0.7550 only. Now the pair is still holding kept level under 0.75, stepping a little back from the reached lows and trading at 0.7583. Support and resistance levels are located at around 0.7448 and 0.7668.



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Thursday, May 05th


USD/CAD turned around near its 2 week peaks just under the level 1.29 after 2 days moving upward. Canadian dollar gained massive support from oil prices after news that the forest fire rage in Canada still persists and state of emergency has been declared. Looking ahead, pair will stay under sentiments of oil prices today, as markets will also focus on Canadian building permits for March, and initial jobless claims from US side. Now pair is trading 1.2826, staying under the bearish pressure. Todays support and resistance levels are located 1.2752 and 1.2973


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Friday, May 06th


EUR/USD trades in the flat since yesterday, within a range of 20 points near 1.14 mark, as traders are awaiting for main event of this week NFP. Pair received some support in Asia from stock market as oil prices negatively influenced resource and energy sector. Looking ahead, nothing fundamental is not represented by Euro zone this Friday on the other hand traders are awaiting Aprils nonfarm payrolls from US. Also US will release participation rate and average hourly earnings. Currently the pair is trading at 1.1414 spot, with its approximate support and resistance levels at 1.1284 and 1.1507.



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Monday, May 9th


GBP/USD fails to hold its higher positions and now consolidate near its 10-day lows at 1.44 spot, on the back of a broadly higher US dollar. Pair still is gaining some support from oil price rally as Canadian wildfire still brings some worries to traders. Nothing important is scheduled in data calendar for today, except for the secondary data in the UK Halifax HPI and US labor market conditions report. At the moment pair trades at 1.4411 with its todays support and resistance levels at 1.4324 and 1.4523


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Tuesday, May 10th

USD/CAD took some break and stood back from yesterdays psychological high above 1.3000. US dollar strength and softer crude oil prices made CAD to fall back from this week lows. Only secondary data from US will influence pairs directions. US stockpiles by the API and the speech by New York Fed’s W. Dudley are in data calendar for today. Now pair trades 1.2961 with todays support and resistance levels located at 1.2902 and 1.3078.


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Thursday, May 12th

GBP/USD stood back from its highs at 1.44 level witnessed in Asia. Now traders are awaiting for todays main releases from BOE. Todays inflation report from BOE could make possible to softer British monetary policy. At the moment BOE’s forecast for GDP is well above market expectations. Another important event scheduled in data calendar that will influence pairs sentiment is Interest Rate Decision, Bank of England is expected to remain unchanged on interest-rates decision. Now pair trades at 1.4436 spot, experiencing some volatility before its major release. Support and resistance levels are located at 1.4350 and 1.4536.


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Friday, May 13th

GBP/USD have returned and consolidated on bottom of 1.44 level. As market calmed down after Thursdays important UK data, pair fall back as market absorbed latest statement of BOE on the back of Brexit fears. This morning pair is feeling some bearish pressure, as dollar is claiming some recovery across the market while investors bid-up the US currency before the US upcoming data releases. Looking ahead, next on focus for pair are the second-liner data in the UK construction output ahead of a fresh batch of significant US economic data. At the moment pair trades at 1.4410 with approximate todays support and resistance levels at 1.4336 and 1.4586


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